Perfecting the art of the med tech startup acquisition
Affiliation: New Leaf Venture Partners
Title: Managing Director
Jeani Delagardelle was VP of global marketing at Target Therapeutics, a catheter company acquired by Boston Scientific ($BSX) in 1997 for $1.1 billion in an all-stock deal. Since then, she's been a VC working to help med tech startups achieve similarly successful outcomes--first at Weiss, Peck & Greer Venture Partners and then at Sprout Ventures. When New Leaf Venture Partners spun out from Sprout in 2005, Delagardelle went with the new firm.
Delagardelle has had remarkable success on this front, achieving at least 7 acquisitions. Most recently, in May, extravascular closure device company AccessClosure was acquired for $320 million in cash.
Also among her acquired companies are ultrasound device treatment company Epicor Medical, which was bought by St. Jude Medical ($STJ) in 2004 for $200 million in cash; hysteroscopic tissue removal device company Interlace Medical, which Hologic ($HOLX) bought for $265 million including milestone payments in 2011; embolism protection device player Percusurge, which was bought by Medtronic ($MDT) in 2000 for $225 million; breast cancer diagnostics company ProDuct Health, which was acquired by Cytyc for $167 million in 2001; optical company Visiogen, which was bought by Abbott ($ABT) for $400 million in 2009; and World Heart, which was bought by HeartWare in 2012 for $8 million.
Delagardelle's current portfolio companies include two of this year's Fierce 15 companies: novel TAVR company Direct Flow Medical and obesity player ReShape Medical. Bernard Lyons, president and CEO of Direct Flow, offered a hearty endorsement of her.
"Jeani Delagardelle, a founding investor and board member, recognized the opportunity in the structural heart market and the potential in Direct Flow from the very beginning--even before the first business plan was compiled," Lyons said in a statement on the New Leaf website. "Since co-leading the A round, Jeani has acted as a true partner, helping Direct Flow in numerous ways including operations, regulatory and corporate strategy and with multiple financing rounds at various stages of the company's development."
Her other portfolio companies include endovascular repair company Altura Medical, heart failure treatment company CardioKinetix, lumbar spinal implant company Intrinsic Therapeutics and chronic wound care company Spiracur. (CardioKinetix was a 2012 Fierce 15 company.)
Prior to her stint at Target Therapeutics, Delagardelle held management positions at Boston Scientific, Roche ($RHHBY) and Cell Pro. She holds an MBA from the University of California at Irvine.
New Leaf is investing from its second fund of $450 million that closed in late 2007.
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Altura Medical draws in $6M for AAA treatment device work
CardioKinetix will use $23M round to propel EU heart failure device launch
-- Stacy Lawrence (email | Twitter)